Frequently Asked Questions

Explanation of the Basics

There has been no change in the way foreign exchange has been conducted since the invention of money. A percentage spread has always been charged by intermediaries to convert one currency to another. Midpoint is one of the first companies to harness direct currency matching to eliminate the need for intermediaries who ultimately increase the costs in buying or selling foreign currencies.
It is what makes Midpoint unique and allows us to essentially take intermediaries (primarily banks & brokers) out of the process of establishing the effective exchange rate that will be applied to customer transactions. Our patented technology anonymously matches customer orders on a reciprocal basis. In simple terms, this means that if John in the UK wishes to purchase US$ for GBP and Alice in the USA wishes to purchase GBP for US$, our system will match these orders. In the event that we cannot exactly match orders within 24 hours, we provide the required liquidity to execute your order.
The spread is the difference between the rate at which a bank or broker will buy a currency and what they will sell it for. This is the primary cost of a foreign exchange transaction. We eliminate the spread whilst ensuring that your costs are fair & transparent. See how much you will save by trying our Rates and Fees Calculator.
The interbank rate is the one you will most likely see in the media, on the news and on various currency converters you might come across. This is the market rate at which banks buy and sell currency to each other. Peer-to-peer Foreign Currency Specialists normally known as FX Brokers will usually offer highly competitive prices close to the ‘interbank’ rate exchange rates initially, but will “widen” these spreads opportunistically. Banks generate significant profits on FX by charging receiving and payment fees whilst adding a significant margin onto the interbank rate when fixing their daily rates. The difference between the interbank rate and the customer execution rate (the margin) is how foreign exchange providers make their money.
Once we have established a reciprocal trade, we send the confirmation of your order at the Midpoint Rate at the time of the match. It is impossible to have a better rate without favouring one side of the transaction. It’s like getting foreign currency at cost!
We take a “live” feed of the Interbank Rates from Yahoo to determine the midpoint rate. The Interbank Rates are the real-time ‘Buy’ and ‘Sell’ rates used by international banks to trade large volumes amongst themselves. We do not manipulate the exchange rate no matter how small or how infrequently you place orders with us.
A number of financial institutions will quote the Interbank Mid-Market Rate on their websites and telephone enquiries. However please be aware that there may frequently be a more expensive Execution Rate which may only be confirmed during the final stages of confirmation or on execution of your trade.
Our fee is determined by the value of your transaction and includes the delivery of your funds to your Beneficiary. Payment must be received by us on or before the Settlement Date or such earlier date as we may specify and, for the full value of the currency to be sold by you per Midpoint’s Matched Order Detail. You may however select the *settlement date when you place your order provided it is within 7 days of the current order date. *This is applicable for orders placed from Monday to Friday excluding UK bank holidays. Note: You may be charged a domestic transfer/wire fee by your bank to fund in an order. This is determined by your local bank’s charge out policies. If you do not know what this bank charge is, we advise that you check this with your bank before you place an order with Midpoint.
We plan to extend the markets and currencies available to our clients. We will keep you notified of any changes and additions to our services. Please check our coverage page for additional information.
Unfortunately not. The banks pay no interest on the segregated trust accounts in return for providing lower transaction fees to our payments platform.. This helps to save you money.
You have access to our advance rates and fees calculator on our Home page by clicking the calculator button next to the login button top right. You can check our fee and the Mid-Market rate by selecting your currency pair and amount.

Registration & Adding Beneficiary

Anyone over 18 years of age with a bank account can register; including businesses, private individuals, registered charities and associations. You will be authorised according to the appropriate UK Anti-Money-Laundering regulations. Country and currency restrictions apply. Please see our coverage page for complete details.
Opening an account with us is free and you have no obligation to place an order with us.
All you need to do is click on “Sign Up” at the top of our home page or one of the registration links on our site

For individuals we require:

  • Full name and active email address and password.
  • Legal First and Last names, Country your phone is registered and number.
  • Copy of your passport and MRZ number
  • Current Proof of Address (see below)

For businesses, charities and associations we collect:

  • Active email address & password,
  • Legal First and Last names, Country your phone is registered and number.
  • Copy of your passport and MRZ number
  • Full name and permanent residential/home address of named account operator
  • Proof of Account Operator address within the past 3 months
  • Gender, DOB, Home Address
  • Company Registered Name, registration number, date of incorporation, Country your phone is registered and number
  • Upload Company Registration Certificate
  • Primary Business Activity
  • Company address
  • Additional Information about the Company Directors and Beneficial Ownership
  • Full KYC (Know your Customer) of active directors and beneficial owners >25% (for private companies)
  • Role/Title with the Business
  • Date of Appointment

For your Beneficiary we will collect the following:

  • Entity Type. (Business or Individual)
  • Beneficiary’s Country & Currency
  • Indicate Beneficiary Personal or Business
  • Salutation, First Name, Last Name of Beneficiary
  • Beneficiary’s Name & Address
  • Beneficiary’s Address and Email
  • Beneficiary’s Bank Account Type (Savings, Current or Business)
  • Bank Name
  • Account Holders Name
  • Account Number, Sort Code, IBAN, Swift/BIC, Routing Number as applicable to the country you are sending funds to

Bank Account Details (This varies from country to country)

Once registration is complete and we have received the appropriate documents; user approval will take 1 – 2 working days although our aim will be to authorise all applications received on the same day during the working week.

A government issued document with a photograph including:
  • Valid passport
No, we require you to provide us with your physical home street address.
  • Recent Utility Bill (last 3 months)
  • Gas, Electricity, Water, Telephone (Not mobile phones)
  • Council Tax Bill
  • Current Full UK Driving License
  • Photocard Driving License with Address (please note we do not accept a driving licence for both Proof of ID and Proof of Address)
  • Tenancy Agreement
  • Bank, Building Society or Credit Card Statements from main provider (last 3 months)
  • Most Recent Mortgage Statement from a recognised lender
  • Recent Evidence of entitlement to state or local authority-funded benefit such as housing benefit, pension, tax credit
  • Signed University Acceptance Letter (for foreign students)
  • Company Registration Document
  • Tax Certificate Document
  • Certificate of Incorporation
  • Articles of Organisation
  • Articles of Association
Please check your SPAM folder. If you still cannot find a confirmation e-mail, please click on “Resend Confirmation Email” on your User Dashboard.
You are able to edit certain details under “My Details” on your User Dashboard. If you need to edit other details, please contact the support team at info@midpoint.com, via live chat on our system or call us toll free UK 0800 211 8620 – International +44 20 7448 3088.
For security purposes and to ensure that your account is safe, the Midpoint team will ask you two security questions. The process is fast and will take a few seconds.
Click on Client Login, click on “Forgotten your password” and enter your email address Press “Send” to have a password reset link sent to your email.
You can send money to anyone who has a bank account. Country and currency restrictions do apply. See our coverage page for complete details.
Click on the drop-down list and select the appropriate response. If the reason for payment does not appear.
Click "Other" and enter the reason in the box provided below.
We require a clear understanding for your reason for payment.
No, you can add a Beneficiary after you place your order. According to Money Laundering Regulations we are required to run a compliance check on all Beneficiary before funds can be delivered. The good news is that you only need to register each Beneficiary once.
An IBAN is your International Bank Account Number. It is made up of a code that identifies the country code for the account holder’s bank, the sort code and the account number itself. The IBAN makes it easier and faster to process cross-border payments. SWIFTBIC - Society for Worldwide Interbank Financial Telecommunication Bank Identifier Code. This code identifies the bank with whom the beneficiary holds their account for use when sending funds cross-border.
Banks in the USA, New Zealand, Australia, Hong Kong, Singapore and the UK do not require an IBAN or a SWIFT/BIC Code. The USA requires an ABA routing number, New Zealand and Australia require a BSB number, Hong Kong and Singapore a Bank code, and the UK a sort code.
Yes you can but this will need to be authorised by Midpoint Admin. You will be sent a notification email confirming this amendment.

Orders, Funding & Payment Process

This is determined by the amount of currency you wish to exchange. For example; If you want to change £10,000 for Euro, then you would “Sell” GBP10,000 for Euro. On the other hand, if you need to pay someone €10,000 then you would “Buy” €10,000 for GBP. You will be given the option to buy or sell by clicking the radio button on the order page
This is the statement narrative that will appear on the Beneficiary’s bank statement.
We will match all orders within 24 hours of receipt of your order but we try to match within one hour during the working week. You get the Mid-Market rate at the time your order is matched. Once matched you will receive an email confirmation with the details of your order. It will show you the rate, the transaction amount, the fee, the total funding required, the payment instructions and the amount that your Beneficiary will receive.
Yes. You can place orders at any time but they will normally not be matched during weekends and UK bank holidays.
This is the process by which we Match businesses and individuals with opposite currency requirements.
No. We are unable to accept funding payments from 3rd parties in settlement of our customer orders. For example commission due to a sales person is paid directly to Midpoint by their company. As a regulated business, we are responsible for on boarding and conducting KYC (know your customer) & Anti-Money-Laundering checks when authorising our customer’s accounts. If a third party wishes to send us money, then they will have to register directly with us as an individual or company.
Funds will be due and payable on or before the settlement date. Failure to comply will result in a charge to the User of the greater of:-
1. 100 GBP or Equivalent Currency;
2. 1% of the transaction value; or
3. the realised loss suffered by Midpoint & Transfer by going to a third party to fulfil the matching User's Orders.

User access may also be revoked at the discretion of Midpoint if they are deemed to continuously not comply with our T&C’s.
Midpoint is a peer-to-peer system and if one side of a match is not funded it will impact negatively on other Users. Therefore this policy will be strictly enforced.

This will not affect your order. If this does occur, Midpoint will take up the opposite side of the transaction, and pursue the offending User for damages. This is the reason for the penalty mentioned above. Advising us immediately if any delays occur may mitigate the penalties incurred.
No, all USD and CAD collections must be sent to the Barclays, London USD or CAD account. Please check with your bank before placing an order.
They are our payments platform. Earthport Plc (EP) has been making national and international payments and collections since 1998. EP is a public company and is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. They own, provide, and host an international money transactional platform called the Universal Payments Network. Using this platform, EP provides secure, low cost international bank payments and collections worldwide.
Earthport is an Authorised Payment Institution under Financial Conduct Authority (FCA) Regulations in the UK. All client money is kept in segregated trust accounts. They are also a member of SWIFT - the international bank clearing system used by major banks.
It is your responsibility to include your unique 13 digit Payment Reference Number in the Payee Reference Field when you send funds to us. This number is unique to your account and will not change.
Solely this 13 digit number with no additional text must be inserted into the "payee reference field" when sending funds to us.
Once your order is Matched, you will be able to see you payment instructions on your “User Dashboard” under your “My Recent Orders Tab” by clicking the order Reference on the left hand side.
You can still use Midpoint. You will need to instruct your bank in person, by phone, or by fax (depending on your bank) to send funds to the appropriate Earthport trust account.
We can only receive funds from the Midpoint Account Holder's bank account. Please contact us if your Midpoint account profile name is different from the bank account you’re depositing from. Please also note that we are unable to receive funds from third parties.
Yes. You will have currency wallets in the account. You can convert funds held in your wallets to other currencies as required.
Sorry, we do not support cash, cheque, or any credit card payments at this time.
You may cancel an order if the order status shows that your order is "unmatched"
You or an Authorised Person may not amend or cancel the matched order unless we expressly agree (and any such amendment or cancellation shall be on the conditions specified by us).
No, although there are limitations on currencies and countries. Please see our coverage page. Our current system is not built for, and does not cater for speculative hedging or forward Forex (FX) currency trading. This is due to the fact that all orders placed must be settled with real time funds.
This may be a good time to allocate the payment(s) to your beneficiaries.
The completion of your transaction normally takes 3 working days but may be quicker than this. Please contact us if you have a funding deadline to meet.
If the payment (and deposit) is given to us in the beginning of the business week, the transactions should be complete within a few days. Banks do not process payments during the weekend, so if you have started a transaction on a Friday the payment process will continue the following Monday. On our new platform, we are sending the beneficiary payment email notification once the funds have been remitted to the beneficiary bank. If the funds do not appear, the bank should be contacted to check when they will credit the account. You can also check on your Midpoint dashboard by selecting "Beneficiary Payments" from the side menu. When the status indicates "Remitted" the funds have already been sent to the beneficiary's bank.
You may obtain a quote by visiting the Midpoint Calculator on our website. This quote is given on an indicative basis only and we are not legally bound to perform a proposed Contract in accordance with this quote.
Once you or an Authorised Person places an order and it is matched you will become legally bound to perform the Contract in accordance with the terms of the Matched Order.
Following receipt of an Order, we shall subsequently transmit electronically to you a matched order confirmation, which will confirm the details of the Order.
You must pay all funds specified by us in connection with a Matched Order (including any applicable fees or charges by electronic transmission) in full and in cleared funds into a client account specified by us.
Once your order is matched, you will be sent an email confirming all details relating to your matched order. Payment must be received by us on or before the Settlement Date or such earlier date as we may specify and for the full value of the currency to be sold by you per Midpoint’s Matched Order Detail. You may specify an expected “settlement date” when placing your order with us. It will not be possible for you to select a date which falls over a weekend or a UK Bank Holiday. If you are aware that your funds may arrive later than specified on your order, it is your responsibility to notify us of this fact and the reasons for not meeting our deadlines.
You or an Authorised Person can give us electronic or verbal instructions relating to a transaction for the purchase or sale and delivery of currency. We will at our sole discretion offer the commercial terms of a proposed Contract.
These terms will include amongst other things the exchange rate we are offering which may be different from a quote you have previously been given by us.

Regulations & Compliance

Midpoint is an International currency matching and payments platform offering mid-market foreign exchange rates via our patented technology.
We are an authorised Payments Institution based in the United Kingdom. We are regulated by the Financial Conduct Authority (UK) under the EU Payment Services Directive 2018. FCA Authorisation No. 610889.
We are supervised by HMRC under the Money Laundering Regulations 2017. Our registration number is: 12358512.
Yes, we perform KYC/AML (Know Your Customer/Anti-Money-Laundering) checks on all our customers. Midpoint understands that money laundering and terrorist financing is a serious offence. We therefore enforce a stringent Anti-Money-Laundering and Anti-Terrorist Financing Policy in our company.
You will need to provide us with both a proof of ID &, proof of address which will be verified from two independent sources and, if you are registering as a company we will also need you to provide company registration documents.

Valid Proof of ID:
A government issued document with a photograph including -
  • Valid passport
Valid Proof of Address:
  • Recent Utility Bill (last 3 months)
  • Gas, Electricity, Water, Telephone (Not mobile phones)
  • Council Tax Bill
  • Current Full UK Driving License (paper document)
  • Photocard Driving License with Address (please note we do not accept a driving licence for both Proof of ID and Proof of Address)
  • Tenancy Agreement
  • Bank or Credit Card Statements from main provider (last 3 months)

Valid Company Documents:
  • Company Registration Document
  • Tax Certificate Document
  • Certificate of Incorporation
  • Articles of Organisation
  • Articles of Association
Yes. We will need to do a compliance check on your Beneficiary depending on the reason of transaction, source of funds, currency and amount of the transaction.
Sanctions are restrictions on activity with targeted countries, governments, entities, individuals and industries ('targets') that are imposed by bodies such as the United Nations (UN), the European Union (EU), individual countries or groups of countries.
We will only do additional compliance checks for larger orders.
Yes. We will need to do additional AML (Anti-Money-Laundering) checks which are referred to as EDD (Enhanced Due Diligence). We will need to know source of funds and purpose of transaction. In some cases you will need to provide documentation to support this information. For example; if the source of funds is savings you may need to supply a copy of your bank statement. If the purpose of transaction is the purchase of a property you may need to supply the contract of purchase.
All funds are held in the trust accounts of our payment provider Earthport Plc. These accounts are segregated in line with FCA regulations and have been developed to protect client funds in the unexpected event of fraud or bankruptcy. When you remit your funds to cover your order, they will be sent to the trust accounts referred to above. We then instruct Earthport to send the appropriate funds from these accounts to your Beneficiary. This means that your money is always secure.

Safe and Secure

Yes, Midpoint & Transfer Ltd is a UK registered company (06302237) and is registered as a Money Services Business with HM Revenue and Customs in the United Kingdom. (Registered MSB number 12358512) We are also authorised and regulated by the FCA (previously FSA) in the UK as a payment institution. (Authorisation No. 610889).
Midpoint & Transfer Ltd is registered with the Information Commissioner’s Office under registration reference: ZA036826. We will verify customer’s identities by asking them to provide full name, address/post code and Date of birth before divulging any information.
Midpoint was designed with the safety and security of our User's funds being our number one priority. As such, your funds are always held in secure segregated trust accounts at major international banks maintained by Earthport Plc. This means that your funds never become assets of either Midpoint & Transfer Ltd or Earthport Plc and are ultimately under your control at the bank where they are held in a trust account.
We take privacy seriously and do not sell or distribute your personal or banking information in any way. Please read our complete Privacy Policy. We take privacy seriously, information collected is used to provide the service you request from the Company. Occasionally we may make your information available to organizations whose products and services we think may be of interest to you. Please read our complete Privacy Policy.
Midpoint has a stringent Anti-Money-Laundering & Terrorist Financing Policy and is fully compliant with all UK Anti-Money-Laundering and HMT regulations.
The Midpoint website is highly secure. We use industry-leading technology to keep your information safe.
Midpoint automatically encrypts your confidential information in transit from your computer to ours using the Secure Sockets Layer protocol (SSL) with an encryption.
This system is designed to work with most current browsers with no special requirements. If you have any issues please contact us.

Get In Touch

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Contact Info

Toll Free UK: 0800 211 8620

Intl: +44 20 7448 3082


26 Finsbury Square London EC2A 1DS United Kingdom

Operating hours: Mon – Fri 08:00 – 18:00 UTC